Tax Credits

Identical proposals in the Missouri House and Senate would overhaul Missouri’s tax code and slash more than a billion dollars in state revenue.

In a nutshell, the bill would lower the top state income tax bracket to 4.8 percent, which is lower than the tax cut that passed three years ago capping the top rate at 5.5 percent. The proposal would also completely exempt anyone who makes less than $4,000 a year from paying state income taxes.

It wasn't that long ago that Republican leaders in the Missouri House and Senate were deeply divided and nearly at each other's throats over tax credits.

In 2011, an entire special legislative session was devoted to approving a wide-ranging tax credit bill that centered around incentives designed to transform Lambert-St. Louis International Airport into an international cargo hub. But differing opinions over the role of tax breaks and concerns that they were getting out of hand sabotaged the special session, and there have been no major attempts since then to give the system a makeover.

Updated 3:30 p.m. Jan. 2, with renewed opposition from Gov.-elect Greitens - If those who want state help to build a new Major League Soccer stadium in St. Louis had hoped for softening from the incoming governor, no change is apparent. At an event to announce a new public safety director, Gov.-elect Eric Greitens said he has "completely ruled out state funding for stadiums.

He repeated an earlier description the idea: "I do not support welfare for millionaires. I look forward to meeting with the leaders of the MLS project to see if there's a way for them to bring private sector funding to bring a soccer team to the state of Missouri."

The Bank of Washington has loaned developer Paul McKee at least $34 million for his Northside Regeneration project, and possibly as much as $62 million.

The series of 17 loans from the Washington, Mo., bank was made to several of McKee’s holding companies and to Northside Regeneration between 2006 and 2012. The bank, by its own calculations, now holds more than 1,500 parcels as collateral, or about 78 percent of Northside Regeneration’s real estate in St. Louis.

A new audit says Missouri’s Department of Economic Development did not provide proper oversight to state tax credits designed to help developers clean up contaminated property.

In the report released Thursday, State Auditor Tom Schweich gave the Missouri Brownfield Tax Credit program his lowest rating possible. The program awarded more than $185 million in credits between 2000 and 2013.

The Missouri House passed legislation on Thursday curtailing two of the state’s largest tax credit programs.

State Rep. Anne Zerr’s bill would reduce the historic preservation tax credit’s cap to $90 million from $140 million. That program helps refurbish older buildings and has been used extensively throughout St. Louis.

The bill would also gradually reduce the cap on the tax credit for low-income housing to $110 million from $140 million. That credit provides an incentive for developers to build housing for the working poor, elderly and disabled.

Tax cuts and tax credits were the center of attention at hearings conducted by two Missouri House committees Tuesday night.

First, the House Ways and Means Committee approved this year’s attempt to cut taxes. House Bill 1253, or the Broad-Based Tax Relief Act of 2014, would tie the state’s income tax rate for business owners to economic growth, dropping the tax rate by 10 percent each year if certain conditions are met, with the ultimate goal of cutting taxes by 50 percent.

Imagine going to a school where less than a quarter of students are reading on grade level and a third of your classmates will never make it to graduation. Many students in the St. Louis area do not have to imagine because that is their sad reality. Until recently, students in these failing schools have been trapped unless they could afford private school tuition or they could move to a different school district.

Sign-up for major provisions of the Affordable Care Act, also known as ObamaCare, begins October 1st.

With less than three months before marketplace exchanges for health insurance go online, many questions remain about who is eligible, what the requirements are and what kind of penalties people and businesses may face if they or their employees continue to be uninsured come January 2014.

Missouri's legislative session has ended, with several issues resolved and several more that came up just short. St. Louis Public Radio's Marshall Griffin takes a closer look at the final day, and at what happens now:

Missouri senators have given up their attempt to pass an overhaul of some of the state's tax credit programs for businesses and developers.

Supporters of the bill set it aside Friday after Republican Sen. Brad Lager, of Savannah, spoke against it for an hour in a filibuster that could have otherwise continued until the session's mandatory end at 6 p.m.

The legislation would have created tax incentives for international air cargo exports, computer data centers and investors in startup technology companies.

This article first appeared in the St. Louis Beacon: Hours before adjournment for the year, a state Senate filibuster appears to have killed a tax credit package that had won approval from the House just a couple hours earlier.

The package had been assembled by House and Senate conferees late Thursday and approved by leaders in both chambers.

This article first appeared in the St. Louis Beacon: St. Louis Mayor Francis Slay cleared his schedule Wednesday to hit the road to Jefferson City in a last-ditch effort to get some favored legislation – notably, tax credits – approved before the session ends at 6 p.m. Friday.

Although two days are left, Slay's chief of staff Jeff Rainford said that Wednesday was realistically the last day to wield any influence in the state Capitol.

This article first appeared in the St. Louis Beacon: The Missouri General Assembly is launching into its final week of the session by redirecting its attention to certain issues – such as health care, abortion and labor unions – that had been on the back burner until the state budget was completed.

The final week of Missouri's regular legislative session has arrived. The Republican-led General Assembly and Democratic Governor Jay Nixon are pushing to get several things accomplished before Friday. St. Louis Public Radio's Marshall Griffin tells us that the session, so far, has been one highlighted by partisanship and controversy.

This article first appeared in the St. Louis Beacon: Missouri Gov. Jay Nixon says he’s still concerned about reining in the state’s tax credits, even as he signed legislation Friday that extends, reinstates or creates close to a dozen tax-credit programs.

This article first appeared in the St. Louis Beacon: The Missouri Supreme Court affirmed that a program providing incentives to science and technology companies is unconstitutional.

In a unanimous decision, the court ruled that linking the Missouri Science and Innovation Reinvestment Act, or MOSIRA, to the tax credit bill -- known as SB 8 -- violated a constitutional prohibition against bills with multiple subjects.

The Missouri Senate today passed a wide-ranging tax credit bill that drastically lowers the caps on Historic Preservation and Low Income Housing programs.

Senate Bill 120 would cap Historic Preservation incentives at $50 million a year, instead of the current $140 million, and Low Income Housing incentives would be capped at $55 million a year, instead of the current $190 million. That bill is now in the hands of the Missouri House, where Speaker Tim Jones (R, Eureka) has indicated that he and other House leaders don’t like the drastic cuts.

Supporters of creating a so-called “Angel Investment” tax credit in Missouri testified in favor of legislation Wednesday before a State Senate committee.

Senate Bill 91 would provide incentives to wealthy investors, dubbed “Angels,” who are looking for start-up opportunities, preferably in high-tech and Internet-based businesses. Kansas City Mayor Sly James was one of several witnesses hoping to persuade committee members to approve the bill.

The Missouri Senate spent several hours last night working on a wide-ranging tax credit bill, which they gave first-round approval to at around 3:30 this morning.

Senate Bill 120 would drastically cut incentives for Historic Preservation and low income housing. Historic Preservation tax credits would be capped at $50 million a year, instead of the current $140 million, and low income Housing incentives would be capped at $55 million a year. Senator Jamilah Nasheed (D, St. Louis) criticized the move.